Savings Account Deposit Rates

Account Type

Interest Rate

Annual Percentage Yield (APY)

Minimum Balance to Open

Minimum Balance to Earn the APY

Passbook Savings
0.04%
0.04%
$5.00
$5.00
Statement Savings
0.04%
0.04%
$5.00
$5.00
Holiday Club*
0.05%
0.05%
$5.00
$5.00
Clipper Ship Savings
Also available as an IRA product. Rules for IRA Accounts apply.
$0.00 – $9,999.99
0.05%
0.05%
$1,000.00
$5.00
$10,000.00 – $24,999.99
0.08%
0.08%
$1,000.00
$10,000.00
$25,000.00 – $49,999.99
0.10%
0.10%
$1,000.00
$25,000.00
$50,000.00 and over
0.15%
0.15%
$1,000.00
$50,000.00
Money Market Account
0.05%
0.05%
$2,500.00
$5.00

Amount of Time Interest Rate In Effect: Variable
Interest Compounded: Continuously
Interest Credited: Monthly
*Holiday Clubs: Interest is paid annually at maturity during October.

The Following Information Applies to Passbook, Statement Savings, Money Market and Clipper Ship Savings Accounts:

I. Variable Rate Accounts:
Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on your account daily.  For our current rate information, call your branch on any business day, or our automated phone line at 888-767-0046.
II. Minimum Daily Balance to Earn Annual Percentage Yield:
You must maintain the minimum balance shown above in your account each day to earn the annual percentage yield disclosed.
III. Accrual of Interest on Noncash Items:
Interest begins to accrue on the business day you deposit noncash items, (for example, checks).
IV. Balance Computation Method:
We use the daily balance method to calculate interest on your account.  This applies a daily periodic rate to the principal in your account each day.
V. Transaction Limitations:
Passbook and Clippership Passbook Accounts: No preauthorized transfers are permitted from this account.
Statement and Clippership Statement Accounts:  Please refer to the Deposit Account Contract.
Money Market Accounts: You may make no more than six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions from your account payable to third parties per month or statement cycle. If you exceed this limit, we may convert this account to a “Transaction Account”, in accordance with banking regulation.
VI.  Essex Savings Bank is a Member FDIC, Equal Housing Lender